Wizard's strategy in New Zealand is to be an aggressive niche player targeting market segments which are being ignored by the banks. Its plan over the longer term is to offer a full range of financial products, not just mortgages.
Executive chairman Mark Bouris says some of the key niches are those areas where banks have closed branches, and specific ethnic groups.
Wizard's first office is in West Auckland and it is planning to have two further branches Auckland, one in Wellington and one in Christchurch before the end of the year.
Bouris says the company has adopted a clicks and mortar strategy where it combines use of the Internet with branches.
He says customers often want to come into an office to close a transaction. Because Wizard believes in the customer it will open its offices on the weekend or any time of day to suit the client.
Wizard is also sharp on its pricing, currently offering floating mortgages at 8.39% with no fees.
"Wizard will bring an important competitive edge to the New Zealand financial services sector," Bouris says. "We offer some of the most competitive rates in the market and with the no application fees, no on-going fees nature of Wizard, the lending products in New Zealand will set us apart from the competition."
Wizard's New Zealand operations are headed by finance professional Grant Garner. Former banker Rod Kay is the manager of the West Auckland branch.
Wizard is one of Australia’s leading non-bank financial institutions. It has formed alliances with ABN AMRO and most recently Kerry Packer's listed company Publishing and Broadcasting Limited and Ecorp. Wizard owns 50% of Mortgage Asset Management Pty Limited, in partnership with ABN AMRO Australia Group. Mortgage Asset Management is a processing, underwriting, credit and customer service company that services approximately 70 mortgage originators of which Wizard is one.
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